Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2012 In a proprietary concern,the assessee has paid advance tax of Rs.25000/- for assessment year 2011-12 which is shown in other debit balance, no provision for tax was created in the final accounts.
Now for the assessment year 2012-13,where will we adjust the advance tax (same with tds receivable)

Guest

Guest (Expert)

04 January 2013 Check out the Income Tax return for the amount of tax payable. Transfer the amount of tax liability to the capital a/c of proprietor and show the balance amount as income tax refund receivable which shall be adjusted against the refund received.